Board recommends Dividend

• Security Code: 503031
• Company: PENINLAND

Peninsula Land Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 27, 2010, inter alia, has transacted the following:

1. Recommendation of Dividend

The Board of Directors have also recommended dividend as detailed below

• Re. 0.50 per share on 5% Cumulative Redeemable Preference Shares of Rs. 10/- each.

• Rs. 1.50 per share on Equity shares of Rs. 2/- each.

2. Re-appointment of Executive Directors

Further, the Board has, subject to the approval of the members of the Company, also approved the re-appointment of the Executive Directors of the Company as follows:

i. Name of the Director: Ms. Urvi A. Piramal (Executive Chairperson)
- Date of appointment: December 12, 2010
- Period: 5 years

ii. Name of the Director: Mr. Rajeev A. Piramal (Executive Vice Chairman)
- Date of appointment: October 26, 2010
- Period: 5 years

iii. Name of the Director: Mr. Mahesh S. Gupta (Group Managing Director)
- Date of appointment: October 26, 2010
- Period: 5 years

iv. Name of the Director: Mr. Rajesh Jaggi (Managing Director)
- Date of appointment: October 26, 2010
- Period: 5 years

3. Issue of securities:

The members of the Company at the 137th Annual General Meeting of the Company held on August 10, 2009 had approved the raising of securities by way of Qualified Institutional Placement / ADRs / GDRs / FCCBs, etc. subject to a ceiling of 6 crores shares and an amount not exceeding Rs. 750 crores, the said resolution is valid for a period of one year i.e. upto August 09, 2010.

Keeping in view the above, the Board at the aforesaid meeting has agreed to the proposal to, once again, recommend the said resolution to raise funds by an issue of securities by an equivalent number of shares and amount as mentioned above so as to increase the aforesaid validity by a further period of one year from the date of approval of the members at the forthcoming Annual General Meeting.

ESOP

Further, the Remuneration Committee of the Company at its meeting held on April 27, 2010 have granted 75,000 options (face value of Rs. 2/- each) under the Employee Stock Option Scheme 2006 to the Senior Employees of the Company.